Korea Zinc’s management is under pressure as its largest shareholder, Young Poong, has partnered with private equity firm MBK Partners to increase control over the company. Korea Zinc has resisted the move, calling it a hostile takeover attempt that could disrupt its long-term plans.

MBK Partners and Young Poong raised their offer on Thursday to about $565 (750,000 won) per share, a 14% increase from their previous bid. This would give the group control over 47.74% of Korea Zinc, valued at approximately $1.7 billion. The company’s shares jumped 6.5% following the revised bid, reaching 747,000 won.

Korea Zinc supplies essential